Crude oil price of Indian basket dips to record low at 83.85/bbl

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Daily crude oil price of Indian basket continued their downtrend on Wednesday and tumbled to USD 83.85 per barrel, hitting record low level since November 2010, amid weak oil demand as economic gloom spread across globe.

"The daily international crude oil price of Indian Basket was USD 83.85 per barrel (bbl) on Wednesday as against USD 87.46 per bbl a day before," according to data released by Ministry of Petroleum & Natural Gas.

In rupee terms, the price of Indian Basket decreased to Rs 5124.07 per bbl on 15.10.2014 as compared to Rs 5344.68 per bbl on 14.10.2014. Rupee closed stronger at Rs 61.11 per USD on 14.10.2014 as against Rs 61.25 per USD on 13.10.2014.

The over-recovery on High Speed Diesel (HSD) applicable for 2nd fortnight of October effective October 16, 2014, is now Rs 3.56 per litre over Rs 1.90 per litre during 1st fortnight of October 2014.

In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the 2nd fortnight of October 2014 will be Rs 31.22 per litre (Rs 31.22 per litre in last fortnight) and Rs 404.64 per cylinder (Rs 404.64 per cylinder in last fortnight) respectively.

Oil Marketing Companies (OMCs), effective 16th October 2014, are now incurring combined daily under-recovery of about Rs 139 crore on the sale of PDS Kerosene and Domestic LPG. This is lower than Rs 156 crore daily under-recoveries during previous fortnight. The under-recoveries for the first quarter of the financial year 2014-15 has been Rs 28,691 crore. The figure was Rs 1, 39,869 crore for full year in the 2013-14.

Story first published: Thursday, October 16, 2014, 23:00 [IST]
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